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Six million people aged over 50 have not saved anything for their retirement,
a study has found. This means they will have to rely solely on the state
pension, currently worth £5,587. This is just under half the current minimum
wage of £11,477 a year.

At the moment there are just 1.2 million retired people relying entirely on
the state pension to survive. However, the research by LV=, the mutual
insurer, suggests millions more pensioners will be struggling on the
breadline in future.

Although the Government has announced plans to introduce a higher universal
state pension of £140 a week,